Odds are that more than a few of your employees are suffering from some form of personal stress right now. That same stress is affecting their work performance and dragging down your company bottom line. Personal financial stress is a “hidden stress”, rarely talked about, and right now it is wreaking havoc on your employees’ personal and professional lives.
According to a recent article in Employee Benefit News, financial stress is a leading cause of workplace stress. Employees with financial stress are 11 times more likely to have sleepless nights, 10 times more likely to not finish daily tasks at work and 2 times more likely to be looking for a new job.
Financial stress effects everyone, from the highest income earners down to those making minimum wage. It is the leading cause of relationship issues and divorce. It causes significant health and emotional issues, including anxiety, depression, alcohol and substance abuse, and, sadly, suicide. Financially stressed people face embarrassment, humiliation, shame, and fear as they struggle to communicate with their spouses, pay their bills, deal with creditors, set realistic goals and save for the future. According to Employee Benefit News, “A workforce with a greater number of financially stressed workers sees a greater number of sick days, higher healthcare costs, and increased absenteeism. Unscheduled absenteeism costs roughly $3,600 per year for each hourly worker and $2,650 each year for salaried employees.”
Employers historically have steered clear of addressing financial stress in the workplace. They can no longer afford to do so. Companies offer healthcare insurance, employee health and wellness programs, and access to counseling services. By offering financial wellness programs as well, employers can help reduce employees’ financial stress and increase company productivity.
Personal finance wellness is 80% behavior related and only 20% head knowledge. For most people, financial wellness is far more than participating in the company retirement benefits program. It is learning how to change their money habits in order to live on less than they earn, to save for emergencies, to eliminate suffocating debt, and to save for future retirement, children’s education and a house. Finding the right financial coaching service is paramount to helping your employees reduce their crippling financial stress.
I help people understand and overcome the root causes of their financial stress. I provide results-based financial wellness programs for individuals, couples, and businesses. Contact me today to discuss how I can help reduce your employees’ financial stress and improve your company’s bottom line.
About A Helping Hand Financial Coaching
A Helping Hand Financial Coaching is a service-disabled, veteran-owned small business in Weber County, owned and operated by Don Hickman. Don is a Dave Ramsey certified Master Financial Coach. He helps turn financial nightmares into American dreams and financial stress into financial peace. Don has helped hundreds of small businesses, individuals and couples better understand their relationship with their money, learn to live on less than they make, to plan and create wealth for their futures, and live and thrive in that “brick house”.